cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Veteran Contributor

Floor Talk September 14

At the close:

At the close, the Dec. corn futures ended 1 3/4¢ higher at $3.31 3/4, while March futures settled 1 3/4¢ higher at $3.42 1/2 per bushel. Nov. soybean futures settled 1 1/4¢ lower at $9.42 3/4, while Jan. soybean futures finished 1¢ lower at $9.48. Dec. wheat futures finished 2¢ higher at $4.03. Dec. soymeal futures closed $0.40 short ton lower at $305.70. Dec. soyoil futures settled $0.01 higher at 31.86¢ per pound.  In the outside markets, the Brent crude oil market is $1.24 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 8 points lower.

 

Mike

--------

At mid-session:

At mid-session, the Dec. corn futures are 1 1/2¢ higher at $3.31, while March futures are 1 1/4¢ higher at $3.42 per bushel. Nov. soybean futures are 3/4¢ higher at $9.44, while Jan. soybean futures are 3/4¢ higher at $9.49. Dec. wheat futures are 2 1/2¢ higher at $4.03. Dec. soymeal futures are $1.40 short ton higher at $307.50. Dec. soyoil futures are $0.01 lower at 31.84¢ per pound.  In the outside markets, the Brent crude oil market is $0.98 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 56 points higher.

 

Pete Meyer, PIRA Energy senior grain analyst, says that the key area for November soybean futures remains right around $9.40. 
“It would seem that buyers are willing to defend that area in the near term.  Overnight export sales have been lacking this week, making more than a few a bit nervous in soybeans.  Export sales, tomorrow, will need to provide some sort of lift for this market or they will remain range bound as the markets struggle to shake their WASDE hangover,” Meyer says.

 

Mike

------------

At 10am;

 

U.S. Weekly Ethanol production stays robust. Here's the latest from the Renewable Fuels Association:

 

According to EIA data analyzed by the Renewable Fuels Association, ethanol production averaged 1.004 million barrels per day (b/d)—or 42.17 million gallons daily. That is up 6,000 b/d from the week before. The four-week average for ethanol production stood at 1.013 million b/d for an annualized rate of 15.53 billion gallons.

Stocks of ethanol stood at 20.2 million barrels. That is a 2.2% decrease from last week.

 

Mike

------------

 

In early trading:

At 9:00am, the Dec. corn futures are 2 1/2¢ lower at $3.27 1/2, while March futures are 2 3/4¢ lower at $3.38 per bushel. Nov. soybean futures are 3/4¢ higher at $9.44, while Jan. soybean futures are 1¢ higher at $9.50. Dec. wheat futures are 5 1/2¢ lower at $3.95. Dec. soymeal futures are $1.40 short ton higher at $307.50. Dec. soyoil futures are $0.05 lower at 31.80¢ per pound.  In the outside markets, the Brent crude oil market is $0.70 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 17 points higher.

 

Mike

 

--------

Lots of agriculture news this morning. First, prices were pretty much unchanged overnight as bargain hunters stemmed losses after soybeans dropped below $9.50 a bushel. The US filed an official complaint with the World Trade Organization against China, saying the Asian country is giving too much support to farmers and distorting trade. Overnight, Bayer said it has finally come to an agreement to acquire Monsanto in a deal worth $66 billion, or $128 a share. 
 

Here's what happened overnight:

 

Brent Crude Oil = 0.1% lower.
West Texas Intermediate Crude Oil = 0.1% lower.

Dollar = down 0.1%.

Wall Street = U.S. stock futures higher in overnight trading. 
World Markets = Global stocks rise on improved commodity prices.

0 Kudos
1 Reply
Honored Advisor

Re: Floor Talk September 14

That should be a humor moment for the World trade organization...

0 Kudos